Responding to a big jump in new customers receiving out-of-country remittances, Banorte has expanded its tech services so families in Mexico can collect those money transfers safely, quickly and easily from the bank’s branches.

All it takes is a simple click of a digital screen computer button to complete the transaction. 

 Banorte outlined its expanded customer-centric system in an announcement June 16, the United Nations’ International Family Remittances Day that marks the efforts of migrant workers helping to improve the living standards of their families back at home

The UN’s theme this year: “Recovery and resilience through digital and financial inclusion.”

About 200 million migrants around the world are expected to send a portion of their wages to their countries of origin, transactions that not only support their families but benefit the economic development of those countries. In April alone, families in Mexico received $4.7 billion in remittances.

Banorte – an industry leader in processing family remittances – recorded a 30% increase in new customers receiving such person-to-person payments in 2021. 

And, now, the bank has made it more convenient, facilitating transfers through its uLink platform, the UniTeller subsidiary, with attractive exchange rates and no commission.

Instead of going through a teller, recipients can access a computer in the Digital Banking Zone of its branches. On a touch screen, they press a “collect remittances” button, enter their secure, personal identification and then, in a card reader, insert a Banorte debit card that immediately accepts the money transfer. 

“We are accelerating our investment in digital tools and financial inclusion to make the process and disbursement more convenient,” said Banorte Chairman Carlos Hank González. “Our founding principle always has been to improve people’s lives. Providing a safe and easy-to-access remittance service reflects Banorte’s support of Mexicans and their families wherever they are,” he said.

The UN said that in times of rising costs, it’s even more important for banks to offer consumers affordable options. Many are sending cross-border money transfers to their siblings, friends and parents to pay for basic essentials such as food, housing and health care.

According to UN, the remittance flow globally has increased five-fold over the past 20 years. In the past year, half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most.

It said $200 to $300 a month is considered an average remittance for families of many migrant workers. At least 60 percent of those who receive funds are women, who may be either the head of a household or mother of a migrant sending money back home.

“The cost of remittances must be brought close to zero to help families manage their obligations efficiently,” UN Secretary-General António Guterres said in a message on the International Day of Family Remittances. “Protecting the function and delivery of remittances is vital. This will strengthen resilience, drive economic growth and foster social inclusion.”

The UN’s Development Program, which is working to eradicate poverty while protecting the planet, earlier reported that Banorte’s remittance services helped achieve one of the bank’s sustainable development goals – reducing income inequalities within and between countries.